The prominence of business setup in Sharjah
Sharjah is among the seven emirates of UAE known as a cost-effective alternative to Dubai for having a business base due to the availability of the International Airport and high-end infrastructure. It is one of the safest cities in the world, with a meager crime rate. Sharjah is thriving with economic development and is one of the most rewarding economic terminuses that appeal the foreign investment. The Government of Sharjah distinguishes the importance and the need for trade, service, and manufacturing sectors in association with the country’s economy. It has therefore formed policies encouraging foreign direct investment and enabled it to become a new business hub in UAE.
Lithe policies have played a prominent role in the trust and interest of investors and have mainly contributed to the swift economic growth. Further, the business tendency in Sharjah stays optimistic as it has always highlighted supporting the global economy and friendly trading relations with various countries.
BENEFITS OF BUSINESS IN SHARJAH
1. Modern legal framework
2. Security of Investment
3. No restriction of any currency
4. No mandatory audit
5. No foreign exchange controls, Trade barriers
6. Presence of multiple local
7. 100% foreign company ownership
8. 100% repatriation of capital and profit
DIFFERENT TYPES OF COMPANIES SET UP IN SHARJAH
A professional company will include all the services companies, whereas commercial activities will fall under a Limited Liability Company. As per the economic department of Sharjah, if a company is changed to a sole establishment with unlimited liabilities, then the investors will have 100% ownership.
Advantages of setting up the Main Land company in Sharjah.
There is numerous advantage of opening a mainland company in Sharjah.
- A mainland company is exempt from corporate tax in Sharjah.
- IN UAE, mainland companies can directly trade with other mainland companies. This helps to distinguish them from free zone businesses as they are allowed to operate within their free zone only.
- The business setup cost in Dubai is higher than setting up a business hub in Sharjah.
- Mainland companies have more options for business activities than free zone businesses.
- They can choose any location in Sharjah or Dubai. This allows them to trade with the local market and also enables them to open multiple company branches across UAE.
- These companies can work for the government also.
- There is no limit on the number of visas issued on a mainland license.
- Also, they have no currency restrictions, and their registration process is straightforward. No requirement is required for a yearly audit.
Cost In Setting up a Business in Sharjah
The setup cost of a new business hub in UAE, especially in Sharjah, is comparatively low than in Dubai. The significant cost-saving aspect would be the office or shop rental space, which is this emirate’s major attraction. The approximate cost of regular trading or a service license with Sharjah will be around AED 25000.
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